Liberty boosts presence in Italy with acquisition

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has agreed to acquire the business, staff and assets of Wholesale Binding Authorities (WBA), an Italian Lloyd’s coverholder.

Expected to close in September 2016, LSM will secure WBA’s book of business, which includes property, fine art, cargo, personal accident, professional indemnity and public officials.

Furthermore, LSM will have direct access to WBA’s distribution network and bespoke underwriting and claims platform.

LSM’s existing Milan-based team will take on WBA’s 24-person team, with Antonio Sacchi, the current chief underwriting officer at WBA, appointed as country manage for Italy.

Simone Cioffari, a current chairman at WBA will head up business development and Roberto Brivio will continue to manage the professional and financial lines of the integrated business.

Matthew Moore, LSM’s group chief underwriting officer, said: “Expanding our business in Europe is a key part of our strategy. We are very excited about this opportunity and the growth potential it gives us. This acquisition gives us a well-established network in Italy based on strong business relationships and local knowledge.

“WBA targets small and medium-sized enterprises, which perfectly complements LSM’s existing Italian portfolio of large corporate risks, predominantly placed by major international brokers. Over the next few months we will be working through the detailed transfer and integration of WBA’s staff and book of business.”